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How can regional initiatives assist in Indias quest for greater market
share in ASEAN region?
Since independence, India has become a part of several regional
initiatives in the ASEAN region in order to establish a trading stronghold in
the region. Compared to China, the growth of Indian trade has been
comparatively slower. Certain initiatives over the next few years will
shape and determine the success of Indian Governments target to obtain
a greater market share. These are discussed below:
RCEP, which is the Asian version of NAFTA, will enable free trade
between major Asian countries such as Vietnam, Singapore, Indonesia,
Malaysia, Japan and China. Given that US and Russia are not a part of
this initiative, it provides a strong potential to target exports/imports
between the regional majors. It comprises of almost 40% of world
trade, providing easier access to a big trade market.
As pointed out during the lecture by Prof. N Ravi, trade is not only
dependent on manufacturing and trade initiatives, but it also draws on
human interaction via mediums such as academic exchanges, travel
and connectivity. Regional initiatives such as scholarship programmes
for international students to top-tier Indian universities and promotion
of tourism with ASEAN region can assist in sharing of ideas and
promotion of inter-regional interaction between businesses.
Regional initiatives such as free trade within ASEAN region help India
leverage its international relationships to bring resources, technology